My timely article was punctuated today as UTA got crushed by 10% as they inanely diluted current shareholders by 20% to raise $20m at a share price 15% below the 50 day moving average (Universal Travel to raise $20M with stock sale). I swear if I have one more Chinese company do these shenanigans, I am going to vomit. I do wonder whether a fair amount of self-dealing is going on. It doesn't matter if you are growing income by 20% a year if share count is increasing at the same pace.
Then to add fuel to the fire, GXDX was absolutely torched (down 25%) as they lowered 2010 guidance from $1.8 to $1.20 (Genoptix Shares Slammed After Guidance Cut). How can you miss by that much???
If you can not tell, I am getting pretty frustrated by Magic Formula stocks.